DoubleDragon Corp. said Thursday its worldwide hotel expansion subsidiary, Hotel101 Global Pte. Ltd., signed master service agreements with Orience, PSI Consultants and L&L RSM Law as the exclusive advisory service providers to process the residency applications by investment option for buyers of at least three units in Hotel101’s first European project, Hotel101-Madrid.
A Golden Visa for Spain, officially known as the Spain Investor Visa, is a residence permit issued to non-European citizens who makes a substantial investment in Spain such as buying a real estate asset worth EUR500,000.
“It will be optional for the Hotel101 unit buyers if they wanted to apply for a golden visa with their purchase of the Hotel101 units. As we will be building a fresh inventory of units, it will not reduce the existing housing inventory in Spain, and will add economic activity through the purchase of land, salaries of construction team and the longterm recurring taxes that this project will bring in. We are excited for a long-term business endeavor, as Spain and Philippines have a very long history of cultural relationship and would bring longterm benefits to both Spain and the Philippines,” said DoubleDragon/Hotel101 Global Chairman Edgar Injap Sia II.
The Golden Visa applications are for evaluation and approval of the proper authorities of the Government of Spain, at its discretion, but the purchase of Hotel101 units may be used by the foreign buyer to comply with the Spanish real estate investment requirement.
The Golden Visa processing and advisory fee that cost about EUR6,000 will be Free of Cost for those who will purchase 3 Hotel101 units in Madrid Spain from the start of the unit pre-selling until December 31, 2023 or until the units are fully sold out, whichever comes first.
